Former Equity Trustees’s boss of the trustee business, Harvey Kalman, is shuffling his board portfolio as he heads to PAC Capital.
The former boss of Equity Trustees’s trustee business, Harvey Kalman, seems to be shuffling his board portfolio as he prepares to take over as the executive chairman of troubled fund manager PAC Capital.Street Talk understands Kalman stepped down from his position as the chairman ofbut was expected to keep his chairmanship at special situations’ debt investor Arbitrium Capital Partners. His board position at Raiz, whose status is not known, is one to watch.
He is expected to takeover day-to-day operations as PAC Capital’s executive chairman, while its embattled founder Clayton Larcombe resigns as the chief investment officer and a director but remains the owner. The hire may be just what PAC needs. Kalman spent two decades building Equity Trustees’ trustee business, which oversaw governance for hundreds of fund managers including most of the big ones. The unit provided governance services to nearly a $100 billion in funds under management, and saw Kalman sign off on high-stakes fund changes, including windups, fee cuts, portfolio manager changes, and changes to redemption terms.– so there’s the first task the new chair’s to-do list.
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